Target Client Profile

Market Research 101

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Just because YOU think your business idea, product or service is brilliant and worth a gazillion dollars doesn’t mean the rest of the world will.  The sad truth it, something is only worth what someone else is willing to pay for it.  Ask any Real Estate agent – they deal with this on a daily basis.

When it comes to launching a new business or a new product you have to test it.  That means market research.  How that is done will vary dependent on your product or service.  If you’ve just developed the latest greatest ice cream, then you better hit the streets and give away a lot of it, ask for feedback. Rinse and Repeat.  Next you need to do tastings in stores, farmers markets, flea markets anywhere you can get in front of your target audience.  Get feedback. Rinse and repeat.  If you have a target price in mind – ask the people who liked your fabulous treat if they would be willing to pay that price.  If the stars align – you are ready.

Say you have a service – like what we do here at Red Barn.  We are a business and marketing consulting firm.  When we decide to tap into a new market or launch a new program we do a crap load of market research.  We will do workshops, bring in beta clients, write articles, talk to people – all the while collecting valuable data.  Just like the ice cream we are not only looking for the good feedback, we want to hear the negative.  We want to know how we can improve.

Next you really need to understand your market – how large is your potential market base?  Who is your ideal client?   If you need 1000 customers to break even yet in your research you find you only have 2 that would be potential clients, well – Houston we have a problem.

Here’s the process we go through

  1. Identify our Target Client Profile. We are very specific on the socio and psycho demographics of the people, business etc.  I want to know every detail – do they like dogs, do they live in the US, what is their income, do they travel, what is their age, did they go to college…the more details the better
  2. Crystal Clear on our Deliverables. Based on our market research we hone down on exactly what the customer WANTS and how they want it delivered.  So what does their customer experience and journey look like.
  3. We make sure we are profitable.  Giving a good deal isn’t worth it, if you are losing money.  We may offer extra perks or even slight discounts to our early adopters, but our cost…is our cost.  We spend a lot of time ensuring that we understand our COGS and our time.  If we aren’t in a margin that works, then the project doesn’t fly.
  4. We want to spend time with our early adopters to ensure things are going smooth and we scale slowly.  The worst thing any company can do is scale to fast, and get into a situation where you can’t deliver what you promise.

Morale of the story:  Do the research before the launch. This goes for launching a new business or a new product.  The process is essentially the same.  If you don’t, you’ll end up with the proverbial egg on your face.

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The Digital Insurance Agent – yes, we are still talking about this

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The Independent Insurance Agency world is still behind the 8-Ball when it comes to digital marketing. I’m not here to tell you that you should do it – because hopefully by now you know that. What I do want to share is what I’m seeing out there in the real world, and if you are truly vested in growing your agency, take the time to read the rest of this article!

  1. Not understanding their Customer – Their Target Client Profile. I can’t tell you how many times I’ve sat with an agent and asked them to tell me about their book of business. What’s it made up of? Tell me about your customers. RADIO SILENCE. As in they don’t know. This is SO important. You can’t create any marketing strategy unless you know who you are marketing to. More importantly you need to be able to look at your book of business and find your best clients. The one’s you like, you have the most experience, the best markets and are of course the most profitable.
  2. Not mapping the Customer Journey. You need to understand HOW your clients find you and HOW they like to be communicated with. After #1 this is perhaps the most important part of the Pre-Game. It’s the before they buy, after they buy, during the policy period, during the renewal, after the renewal and GASP after they leave. And yes – drawing an actual map is part of it. Plus – I’m a visual person and I like post it notes.
  3. Not having a Narrative Statement. You have to be able to communicate who the hell you are and what you are delivering to your clients. What is your unique value prop? Why should anyone buy from you?
  4. Not having a Content Strategy. This is different than an overall Marketing Strategy – that’s #5. I call them Content Buckets – what will your content derive from? What are the most important conversations you want to have with your prospects?
  5. Not having an overall Marketing Strategy. This includes your digital channel plan – where you will share your content, get your message out AND your traditional marketing such as print, radio etc. It should also have a month by month breakdown of what you are going to do and an overarching Editorial Calendar showing blog topics, email topics, hashtags etc.

Once you do 1-5 – now you are ready to take action. Please don’t go down the route of hiring someone who gives you canned content for your website, or canned email content. You will be lost in a sea of blue insurance logos looking like everyone else. People are buying from YOU. Share your story, show some personality.

Final tip – get your team involved. Your front-line folks are the ones who are interacting with your clients day after day. If you are looking for content – ask them WHAT your customers are asking about? Maybe it’s auto rates rising, or cyber liability or AirBnB or UBER questions.

I would have to say the majority of agents I work with haven’t done the Pre-Game. They dive right in and have miserable results. No super bowl was won without a lot of planning up front.

Just my $.02

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Who you REALLY want to work with

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What is the Target Client Profile – or TCP?

The Target Client Profile (TCP) is the criteria that makes up your ideal client. Clients who meet the following 5 criteria are the clients you should be on the look out for. We get it, not all your clients right now probably fit into this mold, but it\’s something to strive for. Hey, at the end of the day, having clients who fit into your TCP will make every one happier.

  • You need to have a strategic plan on where you want to be.  If it isn’t necessarily the clients you have now, it’s the clients you WANT to have. Who are they, where do they live, how much do they make, what do they like to do, are they conservative or not, what do they wear, what do they eat…you need to get that granular.
    • Find a picture in a magazine of your perfect client and start adding sticky notes around them that describe them.
  • You need to like them. This is so important. If you meet someone and you just cringe or think I’m going to hate answering the phone when he/she calls. Don’t do it.
  • Don’t be a slave to the almighty dollar – see #2
  • They need to be able to afford you. I never haggle on my price. EVER. I may reduce services, but my brain is worth something. Hell, 55 years of “stuff” in there has value. Don’t haggle or sell on price. If you do, you are training your customer that price is the point and you are a commodity. People will pay for things they see value in.
  • You have to be able to bring them value. If the prospect doesn’t drink your Kool-Aid – you will never bring them value because they will always be questioning your actions. The trust factor has to be there.

And there my friend is the TCP. When you start out you are going to take clients that don’t fit – hey, you have to eat. But if you can afford NOT to do that – you are in a great space. Taking clients that are not in your TCP suck the life out of you and then keep you away from working with your TCP.

Want some weekly advice and brain food? Join my Thursday email list HERE!

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Should you fire that client?

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Don’t worry – any of my clients reading this you are all safe 🙂 I love you and appreciate your loyalty – hell, you guys are all just great to work with, and fun.

I often work with clients who are struggling with time management, revenue growth, and scaling. As you well know, one of the first things I do is dig behind the scenes. Who are the customers, who is the team servicing those customers, who is selling – the list goes on.

Sometimes the issue is…. the customer or customers.

I’m a huge fan of deciding what your Target Client Profile is – or TCP for short. Your magical client – the one you want millions of – ok, maybe not millions if you are the size of Red Barn. Let’s just say you want a bunch.

Now, I’m realistic. Not all your clients will be as perfect as your favorite client. Current clients don’t ask me who that is – that’s like asking a Mom who their favorite child is! Back to being realistic. You should identify the traits in your favorite clients and then STRIVE to find others who share those traits.

If you have a client who makes you and/or your staff miserable or is never happy no matter what you do – divorce them. Regardless of the revenue. Yes, I said regardless of the revenue. Why? Well, beyond making you miserable, which affects your culture, they also are preventing you from finding clients who are in your TCP.

Sometimes letting revenue generating clients go isn’t easy – it’s kind of like letting a good producing salesperson go. But if they aren’t playing nicely in the sandbox – rip off the proverbial band-aid. Sure, it will be unpleasant for a while, but in the end, you will be better off and happier.

A wise woman – aka Robin Bienemann from Crimson Rook – once taught me perhaps one of the most valuable lessons. Write this down – remember it.

ONLY – and I mean ONLY work with people who:
1. You can bring true value to and they must appreciate that value
2. Can afford your services. No haggling allowed.
3. You like, your team likes, and hey, you wouldn’t mind having a Friday afternoon cocktail with.

BTW- above is a pretty darn good formula for determining who is in your Target Client Profile.

Homework: Look at your clients. Which do NOT follow the 3 rules above? Are you ready to let go?

Another BTW – if all your clients are in the hate column then Houston we have a bigger problem. No worries – there is always a solution, but for this one you need to call me. A serious phone chat is in order.

Cheerio!
CD

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How to Get New Bank Customers with Beautiful Content like Blogging

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We all know that switching to a new bank can be…well, painful. The more accounts you have, and the more you automate the banking experience, the higher your retention rate. That’s great for your existing customers, but it doesn’t help when it comes to attracting new people to your business.

Most banks offer similar products and services, so creating a unique value proposition isn’t easy. What’s the secret sauce? How do some banks increase their retail numbers without putting lots of pressure on their service teams?

It’s all about telling a story and making it personal. Your customers and prospects want to feel like you’re speaking to them, that you “get them.” It all comes from your content – Understanding what you write and where you publish it are important, knowing WHO you are writing for is critical.

Let’s dive a little deeper…

Know your Target Client Profile (TCP) – What’s the demographic of your current customer base? Who are the potential customers you want to add? Where do they live? What is their socioeconomic background? Are they business customers? Retail? It’s critical to have a deep understanding of exactly who you want to reach – Their interests, aspirations, lifestyle choices, financial understanding and more.

Think like your TCP – Your content needs to be relevant to your TCP. What is most important to them? What’s going to grab their attention? How will it help? Will it answer their questions? Does it provide genuinely useful information? What will they read? How will they read it? When will they read it? A 20-year-old and an 80-year-old are going to have very different needs and ways of accessing content.

Create great thought leadership and product content – Thought leadership content is where your customers will get the most value. It’s about giving them insight, valuable information, and resources to help them understand and manage money better. When you combine that with information on your products and their benefits, you create a solid content strategy.

Share short, sweet, accessible, and relevant product information on your website – Your website is the place for your product information – make is easy to find and mobile friendly. Your bank’s website should also highlight your staff with pictures and bios. It helps your customers to relate to you, and people buy from others they know, like, and trust.

Blogging is the Grand Poohbah of content – Every bank should have a blog – It’s where your thought leadership and awesome content lives It’s where your staff can shine, and it’s what you will share on social media.

Keys to Blogging Success

  1. PLAN – Have an editorial calendar based on your TCP and your value proposition – Who are you going to write for, and what are your going to write about? Create five or six content areas where that you’ll develop. They might be: Your culture and team – Stories about your employees, what makes them tick, and what they bring to your business. Retail customer information – Speaking to your retail customers directly about the things that matter to them. Retirement planning, mortgages, insurance, loans, real estate, the economy, tips for protecting your home in winter, safety, etc. Financial education and guides – Creating guides, checklists, tools, and resources to help you customers get the most out of their money. Business customer information – Talking to business owners about what matters to them including business bank accounts, small business financing, insurance, etc. Community – The work you’re doing in the local community including sponsorship and other activities. Financial news – Talking about the economy, the stock market, and other interesting areas.
  2. SHARE – Build your brand and expand it through stories. The more people who see your name and your team, the quicker they will connect.
  3. CONNECT – People leave banks because they don’t feel the love. Intriguing content that speaks to them helps them feel connected, which makes them more likely to switch.
  4. REPEAT – For content to really hook your prospects, they need to see it over and over again. Be constant and consistent. Post regularly, share on social media, and get your name and brand out there.

Good examples of banking blog content

Here are some ideas on the type of content your retail audience would find useful:

  • Financial planning and budgeting — Financial planning in everyday life and making sure you’re saving enough. Budgeting for big life events.

• Dealing with loans and overdrafts — Responsibly managing credit and debt, including understanding interest, minimum payments, and credit limits.

• Investing — Ways to invest money including bonds, the stock exchange, index trackers, mutual funds, and other investment products.

• Retirement planning — How to plan for a good retirement including IRAs, 401Ks, and other pension plans.

When you can bring together great content with a good understanding of your audience and share your content in the right way, you’ll start to create momentum. You can capitalize on that, use it to win you new customers, and keep them happy.

If you need help writing your content or want to bounce some more ideas off us – give us a shout – that\’s what we\’re here for![/cs_text][/cs_column][/cs_row][/cs_section][/cs_content]

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